ING economist: The US has most to lose in war of digital currencies

Finextra | March 05, 2020

The US dollar's position as the unrivalled global currency means it has the most at stake should central banks begin to issue their own digital currencies, according to ING economist Carlos Cocuzzo. "If there's anybody that stands to lose in this game, it's really the US," Cocuzzo has said at Blockchain Week 2020 in London. 90% of the world's foreign exchange turnover runs on dollars, meaning it pervades into the economies of almost every country. This is in light of Federal Reserve chairman Jerome Powell recently stating that Facebook's Libra project "really lit a fire," highlighting the concern the US would have for widespread issuance of digital currencies. Cocuzzo uses the example of Ukraine, where a lot of domestic transaction are carried out in dollars. "Ukraine is a highly dollarised economy. People use dollars to make purchases as well as hryvnia, the local currency."

Spotlight

How wealth managers can thrive in a rapidly changing industry.

Spotlight

How wealth managers can thrive in a rapidly changing industry.

Related News

FINANCIAL MANAGEMENT

Movement Mortgage Partners with Figure to Offer Improved HELOC Delivery

Figure and Movement Mortgage | November 09, 2022

Figure, the country's top non-bank HELOC lender, and Movement Mortgage, the nation's sixth-largest retail mortgage lender, announced a transformative partnership that will allow Movement's borrowers faster access to home equity with approval in as few as five minutes and funding in as few as five days. Movement will leverage Figure's platform amid a steady rise in mortgage interest rates and record tappable equity for homeowners. Consumers have shied away from taking out new mortgages and instead are seeking to tap into their existing home equity to complete renovations, consolidate debt, or generate extra cash flow while preserving their low mortgage interest rate. The partnership is designed to help Movement Mortgage borrowers access that value quickly and simply through Figure's end-to-end digital platform. "Movement Mortgage is delivering enhanced financial access to their consumers as interest rates steadily rise, We are thrilled to partner with them as they continue to act as industry disruptors and implement processes that benefit their consumers. HELOCs may be significantly less expensive compared to other products, and consumers are seeking better avenues to access the equity in their homes." -Dan Wallace, General Manager of Figure Lending We are thrilled to partner with Figure to provide our borrowers with easy access to the equity they've built, Figure's seamless user experience, commitment to quality, and superior customer service align with Movement's values and business goals. We look forward to working with Figure to help our borrowers reach their goals,said Caroline Payne, Movement's SVP of capital markets. Figure's HELOC for Lending Partners provides a turnkey solution for lenders across the country. The speedy underwriting process provides a secure, transparent, and fast experience — eliminating friction points and costs common to traditional home equity lending. Partners can offer their customers a fast and easy way to tap home equity with a 100% online application process and funding in as few as five days. Movement Mortgage and Figure will leverage Provenance Blockchain to record and store the lending asset. Provenance Blockchain is the leading public blockchain in financial services leveraged by more than 50 financial institutions and has supported over $10 billion in transactions. About Movement Mortgage Movement Mortgage exists to love and value people by leading a Movement of Change in its industry, corporate culture, and communities. Funding approximately $30 billion in residential mortgages annually, Movement is the sixth-largest retail mortgage lender in the U.S. Movement is best known for its innovative mortgage process and referable experience, which begins with Upfront Underwriting and a seven-day loan processing goal. The company employs more than 4,000 people, has more than 650 branches in the U.S., and is licensed in 50 states. After funding its balance sheet and investing in future growth, Movement's profits are paid to its primary shareholder, the nonprofit Movement Foundation. To date, Movement Foundation has received more than $360 million of Movement profit to invest in schools, affordable housing, communities, and global outreach. About Figure Figure is transforming financial services through blockchain, bringing speed and efficiency to both consumers and institutions. Figure continues to unveil a series of fintech firsts across the capital markets, investment management, and banking and payments sectors. Figure and its subsidiaries leverage Provenance Blockchain for loan origination, servicing, financing, and now private fund services. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion-dollar business under his leadership as CEO. About Provenance Blockchain Foundation Provenance Blockchain is built specifically for the financial services ecosystem. Leading financial institutions and fintechs leverage Provenance Blockchain to enable the entire digital asset lifecycle to deliver material business and customer value. Provenance Blockchain is successfully transforming lending, securitization, payments and exchanges, and has supported over $10 billion in transactions. Provenance Blockchain's native utility token, HASH, is used to pay transaction fees and enable governance.

Read More

FINANCIAL MANAGEMENT, FINTECH

Curinos Recognized in Prominent 2022 IDC FinTech Top 100 Rankings List by IDC Financial Insights

Curinos | September 17, 2022

Curinos, a global data intelligence business serving global financial institutions across lending, deposits and digital banking solutions, today announced that it has placed 74th on the 2022 IDC FinTech Top 100 Rankings list for the second consecutive year. The 19th annual IDC FinTech Rankings categorize and evaluate technology providers based on 2021 calendar year revenues from financial institutions (i.e., banking, insurance and/or capital markets) or directly to fintech solution providers for hardware, software and/or services. The Top 100 Rankings recognize vendors that derive more than one-third of revenue from the financial services and fintech industries. For additional information about the methodology and to view the complete list, visit here. "We are honored that IDC Financial Insights has recognized Curinos on its IDC FinTech Top 100 Rankings list for the second year in a row, Our firm was built upon providing financial institutions high-quality solutions so they can understand performance drivers and capture sustainable growth. This distinction supports that mission as we continue to innovate with intelligent data, comparative analytics and optimization platforms for our clients." -Craig Woodward, CEO at Curinos Curinos serves hundreds of financial institutions worldwide, delivering the depth and breadth of intelligence across consumer and commercial deposits, omnichannel digital experience and lending markets needed to assess one's competitive position, and make more profitable, data-driven decisions, faster. About Curinos Curinos is the leading provider of data, technologies and insights that enable financial institutions to make better, and more profitable, data-driven decisions faster. Born out of the combination of two familiar industry powerhouses, Novantas and Informa's FBX business, Curinos brings to market a new level of industry expertise across deposits, lending and digital experience solutions and technologies. Through access to comprehensive datasets and analytics, intelligent technologies and connected behavioral insights, Curinos is the partner of choice to help you attract, retain and grow more profitable customer relationships.

Read More

FINANCIAL MANAGEMENT

Sardine launches 'Insights' to manage risk between financial institutions, fintechs, and crypto companies

Sardine | October 19, 2022

Sardine, the leading provider of fraud, compliance, and instant payment solutions, announced today a new product offering a real-time, comprehensive view of an entity's risk based on its history transacting with cryptocurrencies, digital assets, and conventional bank products and services. Called Insights, the service aims to bridge data gaps between financial institutions, fintechs, and crypto companies to strengthen risk management and increase access to all segments of financial services. The number of US adults who own crypto assets will surge to 34 million this year. As more consumers, businesses, and other entities use blockchain-based services, there is a growing demand to move money between traditional finance (TradFi) and decentralized finance (DeFI). However, these two systems remain siloed with limited exchange of risk-related information, enabling fraudsters to exploit significant visibility gaps. So much so, there were $680 million in crypto fraud losses in 2021 – a 520% increase from 2020. This has led to a vicious cycle where financial institutions, who must protect their customers from potential fraud, block or limit connectivity to crypto and fintech companies, hampering their growth and preventing legitimate entities from transacting or moving money into services they want. "The future success of financial services requires better alignment and collaboration between players in TradFi and Defi – Sardine aims to fill the visibility void, Providing visibility into an entity's financial actions and history across both systems would allow all involved in a transaction to better protect shared customers. With Insights, we're making proprietary data we've generated through our risk models available to any company with appropriate permissions so they can better assess counterparty risk when moving money." -Ravi Loganathan, Head of Financial Institution Services at Sardine With Insights, users can call an API and receive a real-time response detailing risk scores, reputation levels, and device and behavioral intelligence for any applicable entity. Sardine has built this product within frameworks of applicable privacy laws and regulations. As payments become increasingly real-time, comprehensive risk assessments on any entity conducting a transaction in TradFi or DeFi is critical in keeping bad actors from causing harm especially when settlement is instantaneous, and there is no option for chargebacks, We want to create an inclusive utility for the industry that improves collaboration between both systems and accelerates the development of tools to address common challenges. Insights is the first step in overcoming this growing industry challenge,said Soups Ranjan, CEO of Sardine. This new product announcement comes on the heels of rapid customer growth and funding news, including raising $51.5M in Series B funding in September led by Andreessen Horowitz with strategic investments by Visa, Cross River Bank, Experian, and other financial institutions. Sardine has also expanded into crypto payments with its Crypto On Ramp product with Metamask and Brave, as well as the launch of its NFT Checkout product with Autograph. About Sardine Sardine is on a mission to make payments instant and risk-free so consumers and businesses can move money confidently. Fraud is a burden on society, as slow payments and high-fraud rates reduce business growth and create systemic risk for the economy. Sardine enables all companies, whether big or small, to improve risk management by having the world's best API for fraud detection and compliance within financial services. The company also offers instant settlement for crypto and NFT transactions.

Read More